Income Taxes - (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Domestic and foreign components of income (loss) before income taxes

Domestic and foreign components of income before income taxes were as follows:

	Years Ended December 31,
(in thousands)	2019		2018		2017
Domestic	$	51,073	$	104,234	$	65,923
Foreign	8,113		17,119		22,432
Income before income tax	$	59,186	$	121,353	$	88,355

Provision for (benefit from) income tax

The provision for (benefit from) income taxes consisted of:

	Years Ended December 31,
(in thousands)	2019			2018			2017
Current:
U.S. federal	$	15,327		$	24,221		$	42,690
State and local	1,196			1,598			4,255
Foreign	4,264			4,362			6,127
Total current	20,787			30,181			53,072
Deferred:
U.S. federal	(12,815		)	(2,255		)	(73,544		)
State and local	(1,156		)	2,735			(1,595		)
Foreign	(590		)	(2,499		)	(97		)
Total deferred	(14,561		)	(2,019		)	(75,236		)
Provision for (benefit from) income taxes	$	6,226		$	28,162		$	(22,164	)

Effective income tax rate reconciliation

The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following:

	Years Ended December 31,
	2019		2018		2017
Statutory U.S. federal income tax rate	21.0	%	21.0	%	35.0	%
Net difference resulting from:
State and local taxes, net of federal income tax benefit	3.2		3.4		2.1
Foreign withholding tax	1.8		0.3		—
Foreign derived intangible income	(0.8	)	(1.9	)	—
Foreign operations tax effect	—		0.3		(2.8	)
Research and experimentation tax credits	(1.2	)	(0.6	)	(0.7	)
Foreign tax credit	(8.0	)	(1.5	)	—
Domestic manufacturing deduction	—		—		(4.4	)
Nondeductible expenses	2.5		0.7		0.7
ESOP dividends	—		(0.1	)	(0.2	)
Branch income	0.6		—		1.1
Tax return to accrual adjustments	(9.4	)	—		—
State deferred taxes	(7.9	)	—		—
Changes due to the Tax Reform Act	—		—		(54.3	)
Global intangible low-taxed income	—		2.3		—
Change in valuation allowance	9.0		—		—
Other	(0.3	)	(0.7	)	(1.6	)
Effective income tax rate	10.5	%	23.2	%	(25.1	)%

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities were as follows:

(in thousands)	December 31, 2019			December 31, 2018
Deferred tax assets attributable to:
Accrued compensation	$	8,725		$	8,146
Accrued expenses, principally for state income taxes, interest and warranty	455			2,807
Net operating loss and other carryforwards	5,937			766
Inventories	1,380			—
Accounts receivable, principally due to allowance for doubtful accounts	1,699			973
Long-term liabilities, principally warranty and exit cost	6,178			505
Other assets	1,202			64
Deferred tax assets	25,576			13,261
Valuation allowance	(6,027		)	(722		)
Deferred tax assets, net of valuation allowance	$	19,549		$	12,539
Deferred tax liabilities attributable to:
Inventories	$	—		$	(2,061	)
Intangible assets, including goodwill	(66,736		)	(83,436		)
Property, plant and equipment	(36,873		)	(25,520		)
Deferred tax liabilities	(103,609		)	(111,017		)
Net deferred tax liabilities	$	(84,060	)	$	(98,478	)
Other non-current assets	$	—		$	1,294
Deferred income taxes	(84,060		)	(99,772		)
	$	(84,060	)	$	(98,478	)